Regulatory Roundup - June 16-22
AICPA
New AI White Papers for CPAs Explore Evolving Role in the Audit
As spreadsheets were for their professional predecessors, AI promises to be a key tool for auditors.
June 18, 2020
Press Release
Joseph Rugger Receives the 2020 AICPA Outstanding Young CPA Award
The AICPA named Joe Rugger, CPA, CGMA, MPA, its 2020 Outstanding Young CPA. The Arkansas CPA is recognized for his efforts to promote young CPAs and the profession.
June 17, 2020
Press Release
Lessons Learned from COVID-19 can help Americans Recession-Proof their Finances: AICPA Survey
New original AICPA data explores shares steps that Americans can take to help recession-proof their finances.
June 16, 2020
CBO
Cost Estimate
H.R. 5802, TSA Child CARE Act
June 17, 2020
As ordered reported by the House Committee on Homeland Security on February 12, 2020
Cost Estimate
H.R. 5803, Washington, D.C. Admission Act
June 17, 2020
As ordered reported by the House Committee on Oversight and Reform on February 11, 2020
Cost Estimate
H.R. 5930, Workforce Investment Disclosure Act of 2020
June 17, 2020
As ordered reported by the House Committee on Financial Services on February 28, 2020
Cost Estimate
S. 2971, CAPTA Reauthorization Act of 2019
June 17, 2020
As reported by the Senate Committee on Health, Education, Labor, and Pensions on January 15, 2020
Cost Estimate
H.R. 5929, Shareholder Political Transparency Act of 2020
June 16, 2020
As ordered reported by the House Committee on Financial Services on February 28, 2020
Presentation
How CBO Analyzes Approaches to Improve Health Through Disease Prevention: A Presentation
June 16, 2020
Presentation by Phill Swagel, CBO’s Director, to the Committee on the Budget, U.S. House of Representatives.
Report
The Budgetary Effects of Laws Enacted in Response to the 2020 Coronavirus Pandemic, March and April 2020
June 16, 2020
CBO examines four laws enacted in response to the 2020 coronavirus pandemic and summarizes their effects on federal spending, revenues, and the deficit. CBO also provides details about the laws’ effects on discretionary spending, mandatory spending, revenues, and mandates.
Report
How CBO Analyzes Approaches to Improve Health Through Disease Prevention
Preventive medical care includes services that can prevent diseases from occurring and detect diseases before symptoms appear. This report describes how CBO estimates the effects on the federal budget of proposals to expand the use of such services.
GAO
Air Force:
Enhanced Enterprise Risk Management and Internal Control Assessments Could Improve Accountability over Mission-Critical Assets
GAO-20-332: Published: Jun 18, 2020. Publicly Released: Jun 18, 2020.
Defense Contracting:
DOD Contracts with Companies Having Employee Stock Ownership Plans
GAO-20-514R: Published: Jun 18, 2020. Publicly Released: Jun 18, 2020.
Forced Labor:
Better Communication Could Improve Trade Enforcement Efforts Related to Seafood
GAO-20-441: Published: Jun 18, 2020. Publicly Released: Jun 18, 2020.
Public Health Preparedness:
HHS Should Take Actions to Ensure It Has an Adequate Number of Effectively Trained Emergency Responders
GAO-20-525: Published: Jun 18, 2020. Publicly Released: Jun 18, 2020.
Department of Defense:
Actions Needed to Improve Management and Oversight of Dependency Determinations for Incapacitated Adult Children
GAO-20-335: Published: Jun 17, 2020. Publicly Released: Jun 17, 2020.
Improper Payments:
Improvements Needed to Ensure Reliability and Accuracy in DOE's Risk Assessments and Reporting
GAO-20-442: Published: Jun 17, 2020. Publicly Released: Jun 17, 2020.
State Department:
Additional Steps Are Needed to Identify Barriers to Workforce Diversity
GAO-20-515T: Published: Jun 17, 2020. Publicly Released: Jun 17, 2020.
Military Justice:
DOD and the Coast Guard Need to Improve Their Capabilities to Assess Racial Disparities
GAO-20-648T: Published: Jun 16, 2020. Publicly Released: Jun 16, 2020.
Retirement Security:
BLS Should Explore Ways to Improve the Accuracy, Timeliness, and Relevance of Its Cost-of-Living Measurements
GAO-20-422: Published: Jun 16, 2020. Publicly Released: Jun 16, 2020.
Tax Exempt Organizations:
IRS Increasingly Uses Data in Examination Selection, but Could Further Improve Selection Processes
GAO-20-454: Published: Jun 16, 2020. Publicly Released: Jun 16, 2020.
Compacts of Free Association:
Populations in U.S. Areas Have Grown, with Varying Reported Effects
GAO-20-491: Published: Jun. 15, 2020 Publicly Released: Jun. 15, 2020
GASB
GASB to Hold July 28 Virtual Public Hearing on Proposal to Enhance Concepts for Notes to Financial Statements [06/18/20]
Stakeholder Advisory
IASB
22 June 2020
IASB investment experience bolstered with appointment of Zach Gast
19 June 2020
IFRS Foundation Virtual Conference to be held 28-29 September 2020
IRS
IRS issues guidance on the elimination of the deduction of qualified transportation fringe benefit expenses
IR-2020-125, June 19, 2020 — The Internal Revenue Service today issued proposed regulations that provide guidance for the deduction of qualified transportation fringe and commuting expenses.
Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement plans
IR-2020-124, June 19, 2020 — The Internal Revenue Service today released Notice 2020-50 to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans.
IRS Nationwide Tax Forums: Seminar dates, times now available
IR-2020-123, June 18, 2020 — The Internal Revenue Service today released the seminar schedule for the 2020 IRS Nationwide Tax Forums and reminded interested tax professionals that registration information is available.
IRS outlines changes to health care spending available under CARES Act
IR-2020-122, June 17, 2020 — The Internal Revenue Service has advised that new rules under the CARES Act provide flexibility for health care spending that may be helpful in the current environment where more people may need at-home services due to measures to fight the coronavirus.
IRS alert: Economic Impact Payments belong to recipient, not nursing homes or care facilities
IR-2020-121, June 16, 2020 — The Internal Revenue Service today alerted nursing home and other care facilities that Economic Impact Payments (EIPs) generally belong to the recipients, not the organizations providing the care.
NYS
Follow Key Tips to Submit an Accurate Tax Return Before the July 15 Deadline
June 16, 2020
SEC Extends Relief for Virtual Meetings of Fund Boards
SEC continues to closely monitor the impact of COVID-19 on investors, funds, and investment advisers
SEC Awards Almost $700,000 to Whistleblower
2020-138, June 19, 2020 — The Securities and Exchange Commission today announced an award of almost $700,000 to a whistleblower whose significant information helped the agency bring a successful enforcement action that resulted in the return of money to harmed investors. The whistleblower reported the problem internally before contacting the SEC in an effort to remedy the conduct, and provided continued assistance throughout the SEC’s investigation
SEC Emergency Action Halts Brothers’ Cryptocurrency Offering Fraud
2020-137, June 19, 2020 — The Securities and Exchange Commission today announced that it filed an emergency action and obtained a temporary restraining order and asset freeze against two Pennsylvania-based brothers and three entities they control to stop an offering fraud and the misappropriation of investor proceeds.
Broker-Dealer Exam Program Leader Robert Sollazzo Retiring From SEC After 38 Years
2020-136, June 19, 2020 — The Securities and Exchange Commission today announced that Robert A. Sollazzo, the longtime leader of the New York Regional Office’s Broker-Dealer Examination Program, is planning to retire from the agency in July after more than 38 years of invaluable contributions.
Insurance Company and Former CFO Charged With Faulty Loss Reserves Disclosures
2020-135, June 17, 2020 — The Securities and Exchange Commission today charged international insurance company AmTrust Financial Services Inc. and its former CFO Ronald E. Pipoly Jr. with failing to disclose material facts about how the company estimated its insurance losses and reserves. They have agreed to pay a combined $10.5 million to settle the SEC’s charges.
SEC Announces Speakers for June 18 Small Business Forum: “Access to Capital: More Critical Now than Ever”
2020-133., June 16, 2020 — The Securities and Exchange Commission today released the program with agenda and speakers for the June 18, 2020, virtual Small Business Forum. The event will begin at 12 p.m. ET and, as always, will be free and open to the public. The full program, with the complete agenda and bios of speakers, is available on the Forum webpage.
TIGTA
June 17, 2020
Continued Efforts Are Needed to Address Billions of Dollars in Reporting and Payment Discrepancies Relating to Tax Withheld From Foreign Persons [PDF]
Highlights